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National Internal Revenue Code of 1997 5th Edition
As a young professional working and living away from my family, I look forward to December. Booking a flight, buying gifts, and planning a vacation give me a rush. December is also usually when I re-evaluate the goals I have set for myself, look back on the decisions I made, and assess whether I still get fulfillment from the things I do. However, this year was different. I have to remind myself that surviving difficult times is a success in itself, that taking a break does not necessarily mean abandoning your dreams. That it is fine to rest, keep the faith, and just strike later.
The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 127-2020 to inform all concerned on the suspension of all field audit and other field operations of the BIR with respect to the conduct of examinations and verifications of taxpayers’ books of accounts, records and other transactions for the period Dec. 15, 2020 to Jan. 7, 2021.
For Filipinos, Christmas is the most anticipated event of the year. Preparation for the festivities starts as early as September with Christmas celebrations lasting until January of the following year. While this year’s festivities will inevitably be different due to restrictions on gatherings, Filipinos can undoubtedly make the most of the situation and make the Christmas spirit come alive.
THE sound of rustling leaves and humming cicadas filled the night atmosphere last November 30, 2020, a day before the last month of 2020 kicks in. I put on my sleeping socks to lessen the chills brought by the cool amihan and turned the lights off. The full moon’s light peeked through the little gaps of the cottage’s bamboo wall. It was my first night at home, undergoing the necessary isolation period, after being away for almost a year. An overwhelming feeling of peace engulfed me – the kind of peace I was yearning for a long time. I could not help but look back and contemplate on how the past eleven months went by.
ON NOVEMBER 27, 2020, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 125-2020 to inform the public on the availability of the new BIR Form 1601-C (Monthly Return of Income Taxes Withheld on Compensation) January 2018 (ENCS) in the Electronic and Payment System (eFPS).
Despite the Covid-19 pandemic and the general community quarantine, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) recently announced that mall-wide Christmas sales would be allowed this year in an effort to boost consumer spending and help our limping economy recover. Even with the huge 11.11 and 12.12 sales of top e-commerce platforms Lazada and Shopee, retailers must prepare for the expected surge in spending at both brick-and-mortar stores and shopping websites as Christmas approaches. Filipinos will be scrambling to buy gifts for their friends and loved ones, as well as food, outfits and other needs for their festivities.
International businesses are often faced with issues of being taxed twice on the same income. This occurs when the same income is taxed in two different countries. Under the tax rules, domestic corporations and individual resident citizens are subject to Philippine income tax on their worldwide income. For such taxpayers, being taxed twice can happen when their foreign-sourced income is taxed in the country where it is earned, and then taxed again in the Philippines.
On Oct. 6, 2020, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 110-2020, which provides detailed guidelines on the proper modes of service of an electronic Letter of Authority (eLA).
